The current economic outlook is worrisome. Two of the world's biggest economies the United States and China are struggling. Millions in America are living on the edge, they are struggling amid historically high inflation.

World Bank warns of recession and stagflation: American and Chinese economies on the edge?

After great anticipation, the World Bank&nbsp;recently&nbsp;released&nbsp;'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment.

In its Global Findex Database 2021, the World Bank highlighted that account ownership worldwide increased by 50&nbsp;per cent&nbsp;to reach 76&nbsp;per cent&nbsp;of the global adult population. Recent growth in account ownership has been widespread across dozens of developing economies and most of the newly account opened in India and China.

This report indicates that "74 per cent&nbsp;of men had an account in developing countries whereas women are six&nbsp;points behind, accounts for 68 per cent". According to the report, gaps in rural areas exist but this report couldn't quantity the urban-rural gap. However in developing countries like India and Bangladesh, there is virtually no difference in account ownership between adults in urban and rural areas.

Here are the major insights from the report:

1.&nbsp;Receiving payment directly into bank account is a gateway for using other financial services such as relying on an account to save and borrow. 83&nbsp;per cent&nbsp;of adult in developing nation who received digital payment also made a digital payment, up from 79&nbsp;per cent&nbsp;in 2017.

2.&nbsp;Mobile money has become enabler of financial inclusion in Sub-Saharan Africa,&nbsp;especially for women. Sub-Saharan Africa is home to all 11 economies in which a larger share of adults-only had mobile money account rather that a normal bank account. The spread of mobile money has created better opportunities to serve women, poor people and other groups who have been traditionally excluded from formal financial services. According to the report, around three&nbsp;out of&nbsp;four&nbsp;mobile owners in Sub-Saharan Africa used their mobile money account to make or receive at least one payment that was not person-to-person.​

3.&nbsp;COVID-19 pandemic catalyzed growth in the use of digital payments. In developing countries in 2021, 18&nbsp;per cent&nbsp;of adults paid utility bills directly from an account. About one third of these paid bills online for the first time. In India, more than 80 million adults made their first digital payment to merchant during pandemic whereas in China, 82&nbsp;per cent&nbsp;of adults made a digital payment in 2022, including over 100 million adults (11 per cent) who did so for the first time after the start of pandemic.

4.&nbsp;Government, private employers and financial providers could help expand financial access and usage among the unbanked by lowering barriers and improving infrastructure. This report indicates new opportunities to drive financial inclusion by increasing account ownership among the unbanked and expanding the use of financial among those who already have account - in particular by leveraging digital payments.

5.&nbsp;Adults in developing countries are more likely to worry about finances than adults in high-income countries. Concerns around medical expenses are highest in Sub-Saharan Africa and South Asia, where 64 per cent&nbsp;of adults are very worried and the lowest in East Asia and the Pacific, where 38&nbsp;per cent&nbsp;of adults are very worried.​​​

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

After great anticipation, the World Bank recently released 'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment.

After great anticipation, the World Bank recently released 'The Global Findex Report 2021'. The Global Findex surveys over 125,000 adults in 123 economies during COVID-19 to better understand how people use formal and informal financial services and digital payment. In its Global Findex Database 2021, the World Bank highlighted that account ownership worldwide increased by 50 per cent to reach 76 per cent of the global adult population. Recent growth in account ownership has been widespread across dozens of developing economies and most of the newly account opened in India and China. This report indicates that "74 per cent of men had an account in developing countries whereas women are six points behind, accounts for 68 per cent". According to the report, gaps in rural areas exist but this report couldn't quantity the urban-rural gap. However in developing countries like India and Bangladesh, there is virtually no difference in account ownership between adults in urban and rural areas. Here are the major insights from the report: 1. Receiving payment directly into bank account is a gateway for using other financial services such as relying on an account to save and borrow. 83 per cent of adult in developing nation who received digital payment also made a digital payment, up from 79 per cent in 2017. 2. Mobile money has become enabler of financial inclusion in Sub-Saharan Africa, especially for women. Sub-Saharan Africa is home to all 11 economies in which a larger share of adults-only had mobile money account rather that a normal bank account. The spread of mobile money has created better opportunities to serve women, poor people and other groups who have been traditionally excluded from formal financial services. According to the report, around three out of four mobile owners in Sub-Saharan Africa used their mobile money account to make or receive at least one payment that was not person-to-person. 3. COVID-19 pandemic catalyzed growth in the use of digital payments. In developing countries in 2021, 18 per cent of adults paid utility bills directly from an account. About one third of these paid bills online for the first time. In India, more than 80 million adults made their first digital payment to merchant during pandemic whereas in China, 82 per cent of adults made a digital payment in 2022, including over 100 million adults (11 per cent) who did so for the first time after the start of pandemic. 4. Government, private employers and financial providers could help expand financial access and usage among the unbanked by lowering barriers and improving infrastructure. This report indicates new opportunities to drive financial inclusion by increasing account ownership among the unbanked and expanding the use of financial among those who already have account - in particular by leveraging digital payments. 5. Adults in developing countries are more likely to worry about finances than adults in high-income countries. Concerns around medical expenses are highest in Sub-Saharan Africa and South Asia, where 64 per cent of adults are very worried and the lowest in East Asia and the Pacific, where 38 per cent of adults are very worried. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE ×

Pandemic catalysed growth in use of digital payments: Report

The&nbsp;World&nbsp;Bank's board on Thursday approved creation of a fund meant to finance investments in strengthening the fight against pandemics.

The fund will support prevention, preparedness and response (PPR), with a focus on low- and middle-income countries, the&nbsp;bank&nbsp;said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/world-bank-lowers-2022-global-growth-forecast-to-29-from-41-in-january-486030">World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January</a>

"The devastating human, economic, and social cost of COVID-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilize additional resources," it said.

The&nbsp;World&nbsp;Bank&nbsp;added that the fund, which it aims to open later this year, was developed under the leadership of the United States, Italy and Indonesia as part of their G20 presidencies, and with broad support from the G20.

It will be used in a number of areas, including disease surveillance, with more than $1 billion in commitments already announced.

"The&nbsp;World&nbsp;Bank&nbsp;is the largest provider of financing for PPR with active operations in over 100 developing countries to strengthen their health systems,"&nbsp;World&nbsp;Bank&nbsp;President David Malpass said in the statement.

Watch |&nbsp;World Bank forecasts 'Stagflation', growth could fall by 2.1% in 2022

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-bank-forecasts-stagflation-growth-could-fall-by-21-in-2022-486106/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The so-called financial intermediary fund (FIF) will provide financing to "complement the work of existing institutions in supporting low- and middle-income countries and regions to prepare for the next pandemic," the&nbsp;World&nbsp;Bank&nbsp;said.

The&nbsp;World&nbsp;Health Organization is a stakeholder in the project and will provide technical expertise, its president Tedros Adhanom Ghebreyesus said.

US President Joe Biden said more than 1 million Americans and millions of people around the&nbsp;world&nbsp;have lost their lives to COVID-19, underscoring the importance of boosting investment in pandemic preparedness.

"When it comes to preparing for the next pandemic, the cost of inaction is greater than the cost of action," Biden said in a statement late Thursday. "Investing in preparedness now is the right thing and the smart thing to do."

In a separate statement earlier in the day, US Treasury Secretary Janet Yellen called the fund "a major achievement that will help low- and middle-income countries be better&nbsp;prepared&nbsp;for the next pandemic."

Also read |&nbsp;<a href="https://www.wionews.com/world/world-bank-to-provide-additional-12-bn-to-address-global-food-crisis-480404">World Bank to provide additional $12 billion to address global food crisis</a>

"Even as we continue to work to end COVID-19, today's&nbsp;decision&nbsp;by&nbsp;World&nbsp;Bank&nbsp;shareholders&nbsp;will&nbsp;help bolster capacity to prevent, detect, and respond to future pandemics," she said.

A spokesperson for the&nbsp;World&nbsp;Bank&nbsp;told AFP that if the COVID-19 pandemic is still ongoing when the fund is implemented, it could be used to provide support against the current as well as future pandemics.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The World Bank's board on Thursday approved creation of a fund meant to finance investments in strengthening the fight against pandemics. The fund will support prevention, preparedness and response (PPR), with a focus on low- and middle-income countries, the bank said in a statement.

The World Bank's board on Thursday approved creation of a fund meant to finance investments in strengthening the fight against pandemics. The fund will support prevention, preparedness and response (PPR), with a focus on low- and middle-income countries, the bank said in a statement. Also read | World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January "The devastating human, economic, and social cost of COVID-19 has highlighted the urgent need for coordinated action to build stronger health systems and mobilize additional resources," it said. The World Bank added that the fund, which it aims to open later this year, was developed under the leadership of the United States, Italy and Indonesia as part of their G20 presidencies, and with broad support from the G20. It will be used in a number of areas, including disease surveillance, with more than $1 billion in commitments already announced. "The World Bank is the largest provider of financing for PPR with active operations in over 100 developing countries to strengthen their health systems," World Bank President David Malpass said in the statement. Watch | World Bank forecasts 'Stagflation', growth could fall by 2.1% in 2022 The so-called financial intermediary fund (FIF) will provide financing to "complement the work of existing institutions in supporting low- and middle-income countries and regions to prepare for the next pandemic," the World Bank said. The World Health Organization is a stakeholder in the project and will provide technical expertise, its president Tedros Adhanom Ghebreyesus said. US President Joe Biden said more than 1 million Americans and millions of people around the world have lost their lives to COVID-19, underscoring the importance of boosting investment in pandemic preparedness. "When it comes to preparing for the next pandemic, the cost of inaction is greater than the cost of action," Biden said in a statement late Thursday. "Investing in preparedness now is the right thing and the smart thing to do." In a separate statement earlier in the day, US Treasury Secretary Janet Yellen called the fund "a major achievement that will help low- and middle-income countries be better prepared for the next pandemic." Also read | World Bank to provide additional $12 billion to address global food crisis "Even as we continue to work to end COVID-19, today's decision by World Bank shareholders will help bolster capacity to prevent, detect, and respond to future pandemics," she said. A spokesperson for the World Bank told AFP that if the COVID-19 pandemic is still ongoing when the fund is implemented, it could be used to provide support against the current as well as future pandemics. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank creates fund to better prevent, respond to pandemics

World Bank says that countries are headed for stagflation, the question is what does this term stand for and what are its ramifications. The institution on Tuesday slashed its global growth forecast by nearly a third for 2022.

World Bank forecasts 'Stagflation', growth could fall by 2.1% in 2022

The ongoing Russian invasion of Ukraine has dealt&nbsp;a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth. The adverse impact of the ongoing invasion was clear once again on Wednesday as the World Bank cut its global growth forecast by 1.2 percentage points down to 2.9% for 2022. According to the report published by the institution, this was a result of both the ongoing Russia-Ukraine conflict and the impact from the COVID-19 pandemic that was detrimental to a lot of economies around the world.

Also read |&nbsp;<a href="https://www.wionews.com/science/a-lot-of-happy-tears-cancer-disappears-in-every-patient-in-a-small-drug-trial-485905">'Lot of happy tears': Cancer disappears in every patient in a small drug trial</a>

The Global Economic Prospects report stated that the world economy was already struggling from the aftermath of the pandemic and with the Russian invasion making things worse, the global economy is currently headed towards “a protracted period of feeble growth and elevated inflation”.

“The danger of stagflation is considerable today. Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer,” World Bank President David Malpass wrote in the report.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-walks-out-of-security-council-meeting-after-eu-blames-kremlin-for-looming-food-crisis-485958" hreflang="en">Russia walks out of Security Council meeting after EU blames Kremlin for looming food crisis</a>

This is the worst growth rate seen in the global economy since the 1970s and by 2024, the pace of global growth is projected to slow by 2.7 percentage points – two times the rate in the late 1970s.

The only winners in the current situation are predicted to be the commodity exporters who can take advantage of the high energy prices, according to the report by the World Bank.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The ongoing Russian invasion of Ukraine has dealt a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth.

The ongoing Russian invasion of Ukraine has dealt a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth. The adverse impact of the ongoing invasion was clear once again on Wednesday as the World Bank cut its global growth forecast by 1.2 percentage points down to 2.9% for 2022. According to the report published by the institution, this was a result of both the ongoing Russia-Ukraine conflict and the impact from the COVID-19 pandemic that was detrimental to a lot of economies around the world. Also read | 'Lot of happy tears': Cancer disappears in every patient in a small drug trial The Global Economic Prospects report stated that the world economy was already struggling from the aftermath of the pandemic and with the Russian invasion making things worse, the global economy is currently headed towards “a protracted period of feeble growth and elevated inflation”. “The danger of stagflation is considerable today. Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer,” World Bank President David Malpass wrote in the report. Also read | Russia walks out of Security Council meeting after EU blames Kremlin for looming food crisis This is the worst growth rate seen in the global economy since the 1970s and by 2024, the pace of global growth is projected to slow by 2.7 percentage points – two times the rate in the late 1970s. The only winners in the current situation are predicted to be the commodity exporters who can take advantage of the high energy prices, according to the report by the World Bank. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January

The&nbsp;World&nbsp;Bank&nbsp;on Wednesday announced an additional $12 billion in funding for projects to address the global food security crisis, bringing the total to $30 billion.

Amid the growing shortages exacerbated by the Russian invasion of Ukraine, a key grain producer, the new funding will finance projects over the next 15 months to boost food and fertilizer production, facilitate greater trade and support vulnerable households and producers, the&nbsp;World&nbsp;Bank&nbsp;said.

"Food price increases are having devastating effects on the poorest and most vulnerable,"&nbsp;World&nbsp;Bank&nbsp;President David Malpass said in a statement.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/as-indias-wheat-export-ban-causes-ripples-in-global-markets-chinese-media-backs-move-479564">As India’s wheat export ban causes ripples in global markets, Chinese media backs move</a>

"It is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine."

The&nbsp;bank&nbsp;previously announced $18.7 billion in funding for projects to be implemented over the next 15 months in Africa and the Middle East, Eastern Europe and Central Asia, and South Asia.

Russia's invasion of Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other food supplies from both countries and pushed up fuel and diesel prices, especially in developing nations.

Watch |&nbsp;Global food security crisis: UN holds special meet, warns that food crisis could last decades

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/global-food-security-crisis-un-holds-special-meet-warns-that-food-crisis-could-last-decades-480281/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And India over the weekend banned wheat exports, which sent prices for the grain soaring.

"Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage," Malpass said.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-war-could-cause-mass-hunger-and-famine-due-to-food-insecurity-un-warns-480297">Russia-Ukraine war could cause mass hunger and famine due to food insecurity, UN warns</a>

Washington welcomed the decision, which is part of a joint action plan by multilateral lenders and regional development banks to address the food crisis.

"The Russian war against Ukraine is the latest global shock that is exacerbating the sharp increase in both acute and chronic food insecurity in recent years driven by conflict, climate change and economic downturns, such as those associated with the Covid-19 pandemic," the Treasury Department said, applauding the institutions for working swiftly to address the issues.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The World Bank on Wednesday announced an additional $12 billion in funding for projects to address the global food security crisis, bringing the total to $30 billion.

The World Bank on Wednesday announced an additional $12 billion in funding for projects to address the global food security crisis, bringing the total to $30 billion. Amid the growing shortages exacerbated by the Russian invasion of Ukraine, a key grain producer, the new funding will finance projects over the next 15 months to boost food and fertilizer production, facilitate greater trade and support vulnerable households and producers, the World Bank said. "Food price increases are having devastating effects on the poorest and most vulnerable," World Bank President David Malpass said in a statement. Also read | As India’s wheat export ban causes ripples in global markets, Chinese media backs move "It is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine." The bank previously announced $18.7 billion in funding for projects to be implemented over the next 15 months in Africa and the Middle East, Eastern Europe and Central Asia, and South Asia. Russia's invasion of Ukraine and international economic sanctions on Moscow have disrupted supplies of wheat and other food supplies from both countries and pushed up fuel and diesel prices, especially in developing nations. Watch | Global food security crisis: UN holds special meet, warns that food crisis could last decades And India over the weekend banned wheat exports, which sent prices for the grain soaring. "Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage," Malpass said. Also read | Russia-Ukraine war could cause mass hunger and famine due to food insecurity, UN warns Washington welcomed the decision, which is part of a joint action plan by multilateral lenders and regional development banks to address the food crisis. "The Russian war against Ukraine is the latest global shock that is exacerbating the sharp increase in both acute and chronic food insecurity in recent years driven by conflict, climate change and economic downturns, such as those associated with the Covid-19 pandemic," the Treasury Department said, applauding the institutions for working swiftly to address the issues. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank to provide additional $12 billion to address global food crisis

The World Bank has warned that price shocks in food and fuel prices due to Russian invasion of Ukraine will be felt at least till the end of year 2024. This, said that bank, raises the risk of stagflation. The World Bank has expressed its observation in its latest Commodities Market Outlook report.

The report is World Bank's first comprehensive analysis of the war's impact on commodity market. The bank has said that the world is facing biggest commodity price shock since the 1970s.

It is being aggravated, it said, by restrictions in food, fuel and fertiliser trade that are exacerbating already elevated inflationary pressures around the world.

"Policymakers should take every opportunity to increase economic growth at home and avoid actions that bring harm to the global economy," said Indermit Gill, the World Bank’s Vice President for Equitable Growth, Finance, and Institutions.

Russia is the world's largest natural gas and fertiliser exporter, and second largest crude oil exporter. Together with Ukraine, it accounts for nearly a third of global wheat exports, 19% of corn exports and 80% of exports of sunflower oil exports.

There has been a disruption in export and production of natural gas, fertilisers, crude oil and other commodities since Russia's invasion of Ukraine on February 24 this year.

The bank said commodity prices will only retreat slightly and stay well above the most recent five-year average for the medium term.

"In the event of a prolonged war, or additional (Western) sanctions on Russia, prices could be even higher and more volatile than currently projected," it said.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In terms of policy responses to the crisis, the bank singled out tax cuts and subsidies that it said tend to exacerbate supply shortfalls and price hikes, calling instead for school feeding programmes as well as cash transfers and public employment programmes for disadvantaged groups.

(With inputs from agencies)

The World Bank has warned that price shocks in food and fuel prices due to Russian invasion of Ukraine will be felt at least till the end of year 2024. This, said that bank, raises the risk of stagflation.

The World Bank has warned that price shocks in food and fuel prices due to Russian invasion of Ukraine will be felt at least till the end of year 2024. This, said that bank, raises the risk of stagflation. The World Bank has expressed its observation in its latest Commodities Market Outlook report. The report is World Bank's first comprehensive analysis of the war's impact on commodity market. The bank has said that the world is facing biggest commodity price shock since the 1970s. It is being aggravated, it said, by restrictions in food, fuel and fertiliser trade that are exacerbating already elevated inflationary pressures around the world. "Policymakers should take every opportunity to increase economic growth at home and avoid actions that bring harm to the global economy," said Indermit Gill, the World Bank’s Vice President for Equitable Growth, Finance, and Institutions. Russia is the world's largest natural gas and fertiliser exporter, and second largest crude oil exporter. Together with Ukraine, it accounts for nearly a third of global wheat exports, 19% of corn exports and 80% of exports of sunflower oil exports. There has been a disruption in export and production of natural gas, fertilisers, crude oil and other commodities since Russia's invasion of Ukraine on February 24 this year. The bank said commodity prices will only retreat slightly and stay well above the most recent five-year average for the medium term. "In the event of a prolonged war, or additional (Western) sanctions on Russia, prices could be even higher and more volatile than currently projected," it said. WATCH WION LIVE HERE × In terms of policy responses to the crisis, the bank singled out tax cuts and subsidies that it said tend to exacerbate supply shortfalls and price hikes, calling instead for school feeding programmes as well as cash transfers and public employment programmes for disadvantaged groups. (With inputs from agencies)

World Bank warns of stagflation due to Russia's Ukraine invasion

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.

Sri Lanka, an island country of 22 million people, is struggling to pay for imports amid a crushing debt crisis and sharp drop in foreign exchange reserves that has fueled soaring inflation. Prolonged power cuts and shortages of fuel, food and medicines have sparked nationwide protests.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-minister-godahewa-backs-demonstrators-asking-pm-mahinda-rajapaksa-to-step-down-473195" hreflang="en">Sri Lankan minister Godahewa changes camp, backs protests to seek PM's resignation</a>

Sri Lankan Finance Minister Ali Sabry has been in Washington this week talking to the IMF, the World Bank, India and others about financing help for his country, which has suspended payments on portions of its $51 billion in external debt.

The World Bank's emergency response package includes $10 million to be made immediately available for the purchase of essential medicines, funds shifted from its ongoing COVID-19 health preparedness project, a World Bank spokesperson said.

The global lender, which along with the IMF held its spring meetings this week, did not provide a total value for its package, but Sabry said on Friday that about $500 million in aid was being considered.

The World Bank spokesperson said the package would leverage existing bank-financed projects and repurpose funds to quickly provide medicines, meals for school children and cash transfers for poor and vulnerable households.

Support to provide cooking gas, basic food supplies, seeds and fertilizers and other essentials is also under discussion, the spokesperson said, adding that the World Bank was "deeply concerned" about the situation in Sri Lanka.

Watch |&nbsp;Sri Lankan Minister resigns two days after appointment amid the ongoing crisis

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lankan-minister-resigns-two-days-after-appointment-amid-the-ongoing-crisis-473294/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The IMF said in a statement on Saturday that talks between its staff focused on the need for Sri Lanka to implement "a credible and coherent strategy" to restore macroeconomic stability, and to strengthen its social safety net and protect the poor and vulnerable during the current crisis.

"The IMF team welcomed the authorities' plan to engage in a collaborative dialogue with their creditors," IMF Sri Lanka mission chief Masahiro Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion in sovereign bonds

Sabry told reporters on Friday that the talks with the IMF were focused on a more traditional Extended Fund Facility program, but that $3 billion to $4 billion in bridge financing was needed while this could be finalized.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/debt-ridden-sri-lankas-inflation-soared-to-a-record-high-473058" hreflang="en">Debt-ridden Sri Lanka's inflation soared to a record high</a>

The IMF has said that Sri Lanka's debt needs to be put on a sustainable path before it could make new loans to Colombo - a process that could require lengthy negotiations with China and the country's other creditors.

Sabry said on Friday that in addition to the IMF loan and World Bank assistance, Sri Lanka is discussing with India some $1.5 billion in bridge financing to help continue essential imports, and added that he has also approached China, Japan and the Asian Development Bank for help.

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country. Sri Lanka, an island country of 22 million people, is struggling to pay for imports amid a crushing debt crisis and sharp drop in foreign exchange reserves that has fueled soaring inflation. Prolonged power cuts and shortages of fuel, food and medicines have sparked nationwide protests. Also read | Sri Lankan minister Godahewa changes camp, backs protests to seek PM's resignation Sri Lankan Finance Minister Ali Sabry has been in Washington this week talking to the IMF, the World Bank, India and others about financing help for his country, which has suspended payments on portions of its $51 billion in external debt. The World Bank's emergency response package includes $10 million to be made immediately available for the purchase of essential medicines, funds shifted from its ongoing COVID-19 health preparedness project, a World Bank spokesperson said. The global lender, which along with the IMF held its spring meetings this week, did not provide a total value for its package, but Sabry said on Friday that about $500 million in aid was being considered. The World Bank spokesperson said the package would leverage existing bank-financed projects and repurpose funds to quickly provide medicines, meals for school children and cash transfers for poor and vulnerable households. Support to provide cooking gas, basic food supplies, seeds and fertilizers and other essentials is also under discussion, the spokesperson said, adding that the World Bank was "deeply concerned" about the situation in Sri Lanka. Watch | Sri Lankan Minister resigns two days after appointment amid the ongoing crisis The IMF said in a statement on Saturday that talks between its staff focused on the need for Sri Lanka to implement "a credible and coherent strategy" to restore macroeconomic stability, and to strengthen its social safety net and protect the poor and vulnerable during the current crisis. "The IMF team welcomed the authorities' plan to engage in a collaborative dialogue with their creditors," IMF Sri Lanka mission chief Masahiro Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion in sovereign bonds Sabry told reporters on Friday that the talks with the IMF were focused on a more traditional Extended Fund Facility program, but that $3 billion to $4 billion in bridge financing was needed while this could be finalized. Also read | Debt-ridden Sri Lanka's inflation soared to a record high The IMF has said that Sri Lanka's debt needs to be put on a sustainable path before it could make new loans to Colombo - a process that could require lengthy negotiations with China and the country's other creditors. Sabry said on Friday that in addition to the IMF loan and World Bank assistance, Sri Lanka is discussing with India some $1.5 billion in bridge financing to help continue essential imports, and added that he has also approached China, Japan and the Asian Development Bank for help.

Sri Lanka economic crisis: IMF holds 'fruitful' loan discussions with Colombo, World Bank readies aid package

The World Bank has slashed Pakistan's economic growth rate forecast for the current fiscal year to 4.3 per cent, down by almost one per cent against last year.

World Bank slashes Pakistan's growth forecast to 4.3%

Countries around the world are working to diversify their supply chains and reduce dependence on China. 'It is probably good for everyone,' says World Bank president David Malpass.

Diversifying supply chains from China 'probably good': World Bank

The Russia-Ukraine war has had worldwide repercussions worldwide but the most affected economy has been Ukraine's own. The World Bank has issued a dire forecast for Ukraine predicting that its economy may collapse by 45.1 percent this year if the conflict continues

World Bank issues dire forecast for Ukraine's economy

The World Bank has suspended four projects totaling $600 million in Afghanistan, the BBC reported on Wednesday, due to the prohibition on girls returning to secondary schools.

According to Pajhwok News, the World Bank stated the projects were being developed for implementation by UN agencies to help agriculture, education, health, and livelihoods.

Only until the World Bank and foreign partners have a greater knowledge of the situation and confidence that the schemes' goals can be met will the four projects be offered to ARTF donors for approval. 
 
<a href="https://www.wionews.com/photos/in-pics-afghan-women-losing-fundamental-rights-rapidly-under-taliban-regime-431279">Pictures | In pics: Afghan women losing fundamental rights rapidly under Taliban regime</a>

Last week, US officials called off negotiations with the Taliban in Doha due to the Taliban's decision to keep girls out of secondary school.

The World Bank's executive board approved a plan to deploy over $1 billion from the ARTF fund to fund critical education, agricultural, health, and family programmes on March 1. 
 
Watch | US and allies slam Taliban ban on girls' education

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-and-allies-slam-taliban-ban-on-girls-education-465550/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to the BBC, the projects placed a strong emphasis on ensuring that girls and women participated in and benefited from the assistance.

The new Afghan rulers reversed their decision to open secondary schools for girls, much to the chagrin of the international community.

Officials from ten nations, including the United States and the United Kingdom, issued a joint statement on Friday condemning the Taliban's conduct as "very alarming."&nbsp; 
 
(With inputs from agencies)

The World Bank has suspended four projects totaling $600 million in Afghanistan, the BBC reported on Wednesday, due to the prohibition on girls returning to secondary schools.

The World Bank has suspended four projects totaling $600 million in Afghanistan, the BBC reported on Wednesday, due to the prohibition on girls returning to secondary schools. According to Pajhwok News, the World Bank stated the projects were being developed for implementation by UN agencies to help agriculture, education, health, and livelihoods. Only until the World Bank and foreign partners have a greater knowledge of the situation and confidence that the schemes' goals can be met will the four projects be offered to ARTF donors for approval. Pictures | In pics: Afghan women losing fundamental rights rapidly under Taliban regime Last week, US officials called off negotiations with the Taliban in Doha due to the Taliban's decision to keep girls out of secondary school. The World Bank's executive board approved a plan to deploy over $1 billion from the ARTF fund to fund critical education, agricultural, health, and family programmes on March 1. Watch | US and allies slam Taliban ban on girls' education According to the BBC, the projects placed a strong emphasis on ensuring that girls and women participated in and benefited from the assistance. The new Afghan rulers reversed their decision to open secondary schools for girls, much to the chagrin of the international community. Officials from ten nations, including the United States and the United Kingdom, issued a joint statement on Friday condemning the Taliban's conduct as "very alarming." (With inputs from agencies)

World Bank suspends $600 million projects after Taliban ban girls from schools

According to the World Bank, more than 19 million people are expected to become internal climate refugees by 2050 in Bangladesh. A small town in southwestern Bangladesh is now offering a new life to thousands of climate migrants.

World Bank: Bangladesh to have over 19 mn climate refugees by 2050

The World Bank has suspended four projects worth $600 million in Afghanistan in response to the Taliban barring girls from attending high school.

The projects aimed at improving education, health and agriculture, among others. They were to be funded under the revamped Afghanistan Reconstruction Trust Fund (ARTF), which was frozen

They also had a "strong focus on ensuring that girls and women participate and benefit from the support," the bank had said earlier, reports Reuters.

The bank’s guidance requires all ARTF-financed activities to support access to —and equity of services for —women and girls in Afghanistan, the bank said, citing its deep concerns over the Taliban's ban on girls attending high school, reports the Reuters.

Hence, the bank asserted that the four projects will be approved only "when the World Bank and international partners have a better understanding of the situation and confidence that the goals of the projects can be met."

Also read |&nbsp;'<a href="https://www.wionews.com/south-asia/every-afghan-girl-has-right-to-education-us-allies-slam-taliban-ban-on-girls-education-465293">Every Afghan girl has right to education': US, allies slam Taliban ban on girls' education</a>

Last week, the Taliban said it is reversing its decision to allow schools to open for girls following&nbsp;months-long restriction.&nbsp;The militant organisation argued&nbsp;that they are yet to arrive at a decision over uniforms for female students in accordance with "Sharia law and Afghan tradition".

The move drew international condemnation, with protesters thronging the office of the Ministry of Education in the country's capital Kabul on Saturday to demand that the schools be reopened.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/nationwide-protests-if-afghan-girls-schools-stay-shut-activists-466010">Nationwide protests if Afghan girls' schools stay shut: Activists</a>

On Friday, a joint statement by officials from 10 countries, including the US and UK, described the Taliban's actions as "profoundly disturbing".

The US State Department has also cancelled meetings with the Taliban, which were scheduled to take place in Qatar.

(With inputs from agencies)

The World Bank has suspended four projects worth $600 million in Afghanistan in response to the Taliban barring girls from attending high school. The projects aimed at improving education, health and agriculture, among others.

The World Bank has suspended four projects worth $600 million in Afghanistan in response to the Taliban barring girls from attending high school. The projects aimed at improving education, health and agriculture, among others. They were to be funded under the revamped Afghanistan Reconstruction Trust Fund (ARTF), which was frozen They also had a "strong focus on ensuring that girls and women participate and benefit from the support," the bank had said earlier, reports Reuters. The bank’s guidance requires all ARTF-financed activities to support access to —and equity of services for —women and girls in Afghanistan, the bank said, citing its deep concerns over the Taliban's ban on girls attending high school, reports the Reuters. Hence, the bank asserted that the four projects will be approved only "when the World Bank and international partners have a better understanding of the situation and confidence that the goals of the projects can be met." Also read | 'Every Afghan girl has right to education': US, allies slam Taliban ban on girls' education Last week, the Taliban said it is reversing its decision to allow schools to open for girls following months-long restriction. The militant organisation argued that they are yet to arrive at a decision over uniforms for female students in accordance with "Sharia law and Afghan tradition". The move drew international condemnation, with protesters thronging the office of the Ministry of Education in the country's capital Kabul on Saturday to demand that the schools be reopened. Also read | Nationwide protests if Afghan girls' schools stay shut: Activists On Friday, a joint statement by officials from 10 countries, including the US and UK, described the Taliban's actions as "profoundly disturbing". The US State Department has also cancelled meetings with the Taliban, which were scheduled to take place in Qatar. (With inputs from agencies)

World Bank suspends projects in Afghanistan after Taliban prohibit girls from school

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion. 
 
The package includes a $350 million loan supplement to a prior World Bank loan, augmented by about $139 million through guarantees from the Netherlands and Sweden, the bank said in a statement. 
 
It also includes $134 million in grants from Britain, Denmark, Latvia, Lithuania and Iceland as part of a trust fund that will continue to take in grant contributions on Ukraine`s behalf. Japan is providing parallel financing of $100 million. 
 
A World Bank spokesperson said the funds are expected to be transferred to Ukraine`s government in the next few days. 
 
The World Bank`s budget support loans typically do not carry restrictions on how the funds can be spent, but the bank said the "fast-disbursing" support will help Ukraine`s government provide critical services, pay hospital workers, fund pensions and continue social programs. 
 
"The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion," World Bank President David Malpass said in a statement. "The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis." 
 
The bank said it was continuing to work on another $3 billion package of support for Ukraine in coming months and additional support for neighboring countries that are taking in Ukrainian refugees, now exceeding 1.7 million, mostly women, children and the elderly.

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion.

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing desperately needed government budget support as the country battles a Russian invasion. The package includes a $350 million loan supplement to a prior World Bank loan, augmented by about $139 million through guarantees from the Netherlands and Sweden, the bank said in a statement. It also includes $134 million in grants from Britain, Denmark, Latvia, Lithuania and Iceland as part of a trust fund that will continue to take in grant contributions on Ukraine`s behalf. Japan is providing parallel financing of $100 million. A World Bank spokesperson said the funds are expected to be transferred to Ukraine`s government in the next few days. The World Bank`s budget support loans typically do not carry restrictions on how the funds can be spent, but the bank said the "fast-disbursing" support will help Ukraine`s government provide critical services, pay hospital workers, fund pensions and continue social programs. "The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme disruption caused by the Russian invasion," World Bank President David Malpass said in a statement. "The World Bank Group stands with the people of Ukraine and the region. This is the first of many steps we are taking to help address the far-reaching human and economic impacts of this crisis." The bank said it was continuing to work on another $3 billion package of support for Ukraine in coming months and additional support for neighboring countries that are taking in Ukrainian refugees, now exceeding 1.7 million, mostly women, children and the elderly.

World Bank approves $723 million in loans, grants for Ukraine

Ratings agencies&nbsp;Fitch&nbsp;and Moody's slashed Russia's sovereign debt on Thursday to "junk" status, or the category of countries at risk of not being able to repay their debt, a week after Moscow began its assault on Ukraine.

Moody's downgraded the rating on Russian long-term debt from Baa3 to B3 subject to a further review over the West's sanctions against Russia, while&nbsp;Fitch&nbsp;lowered its rating from BBB to B, also with a negative outlook.

Also read |&nbsp;<a href="https://www.wionews.com/world/ukrainian-civilians-block-russian-troops-attempt-to-take-over-zaporizhzhia-nuclear-plant-458475">Ukrainian civilians block Russian troops’ attempt to take over Zaporizhzhia nuclear plant</a>

"The multi-notch downgrade of Russia's ratings and maintaining the review for further downgrade were triggered by the severe sanctions that Western countries have imposed on Russia", including on its central bank and some large financial institutions, Moody's said in a statement.

The agency also noted a "heightened risk of disruption" to sovereign debt repayment in the face of "severe and coordinated sanctions".

It said there were "significant concerns" over Russia's willingness to service its debt.

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-crisis-last-independent-news-networks-scribes-flee-russia-to-get-to-safety-458433">Ukraine crisis: Last independent news network’s scribes flee Russia to get to safety</a>

On Wednesday, the European Union cut seven Russian banks from the global SWIFT interbank messaging network, which allows for quick and secure transactions.

The World Bank also announced it was halting all of its ongoing projects in Russia and Belarus in response to the invasion of Ukraine.

Watch |&nbsp;Gravitas: The human cost of Ukraine conflict

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-the-human-cost-of-ukraine-conflict-457956/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Fitch, for its part, said in a statement that it expected a "further ratcheting up of sanctions on Russian banks".

It added that, in the event of a protracted conflict and weaker economic growth, it saw the potential for "greater domestic political uncertainty and instability".

Ratings agencies Fitch and Moody's slashed Russia's sovereign debt on Thursday to "junk" status, or the category of countries at risk of not being able to repay their debt, a week after Moscow began its assault on Ukraine.

Ratings agencies Fitch and Moody's slashed Russia's sovereign debt on Thursday to "junk" status, or the category of countries at risk of not being able to repay their debt, a week after Moscow began its assault on Ukraine. Moody's downgraded the rating on Russian long-term debt from Baa3 to B3 subject to a further review over the West's sanctions against Russia, while Fitch lowered its rating from BBB to B, also with a negative outlook. Also read | Ukrainian civilians block Russian troops’ attempt to take over Zaporizhzhia nuclear plant "The multi-notch downgrade of Russia's ratings and maintaining the review for further downgrade were triggered by the severe sanctions that Western countries have imposed on Russia", including on its central bank and some large financial institutions, Moody's said in a statement. The agency also noted a "heightened risk of disruption" to sovereign debt repayment in the face of "severe and coordinated sanctions". It said there were "significant concerns" over Russia's willingness to service its debt. Also read | Ukraine crisis: Last independent news network’s scribes flee Russia to get to safety On Wednesday, the European Union cut seven Russian banks from the global SWIFT interbank messaging network, which allows for quick and secure transactions. The World Bank also announced it was halting all of its ongoing projects in Russia and Belarus in response to the invasion of Ukraine. Watch | Gravitas: The human cost of Ukraine conflict Fitch, for its part, said in a statement that it expected a "further ratcheting up of sanctions on Russian banks". It added that, in the event of a protracted conflict and weaker economic growth, it saw the potential for "greater domestic political uncertainty and instability".

Fitch, Moody's slash Russia's sovereign debt to junk

The World Bank announced Tuesday that it is preparing a $3 billion aid package to help war-torn Ukraine, including at least $350 million in immediate funds.

World Bank President David Malpass said in a joint statement with IMF Managing Director Kristalina Georgieva that the first tranche will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education.

Also read |&nbsp;<a href="https://www.wionews.com/photos/long-lines-60-hours-wait-shelter-and-for-some-racism-awaits-them-as-they-flee-ukraine-for-poland-458080" hreflang="en">Long lines, 60 hours wait, shelter and for some racism awaits them as they flee Ukraine for Poland</a>

The International Monetary Fund and the World Bank, who have both pledged and are now delivering further support to Ukraine, moving swiftly to implement this plan.

The IMF, which has an ongoing $2.2 billion financing program with the country through June, will consider the country's latest request for emergency financing "as early as next week," the statement said.

The leaders of the global crisis lenders deplored Russia's invasion of its neighbour and the damage it is causing to the economy and people.

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-hospitality-at-its-best-indian-restaurateur-turns-saviour-amid-ukraine-crisis-458042" hreflang="en">Indian hospitality at its best: Indian restaurateur turns saviour amid Ukraine crisis</a>

"We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine," they said, noting the "significant spillovers to other countries" including higher commodity prices that "risk further fueling inflation."

Furthermore, the economic sanctions imposed on Russia "will also have a significant economic impact."

Watch |&nbsp;Zelensky's message to Russia: Stop bombing cities before ceasefire talks

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/zelenskys-message-to-russia-stop-bombing-cities-before-ceasefire-talks-458057/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Early Tuesday, members of the Group of Seven met with central bankers and pledged to mobilize support for Kyiv while considering additional measures to further isolate Moscow.

As the fighting intensified and hundreds of thousands of people fled Ukraine, oil prices rose to over $106 a barrel on Tuesday.

The World Bank announced Tuesday that it is preparing a $3 billion aid package to help war-torn Ukraine, including at least $350 million in immediate funds. World Bank President David Malpass said in a joint statement with IMF Managing Director Kristalina Georgieva that the first tranche will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education.

The World Bank announced Tuesday that it is preparing a $3 billion aid package to help war-torn Ukraine, including at least $350 million in immediate funds. World Bank President David Malpass said in a joint statement with IMF Managing Director Kristalina Georgieva that the first tranche will be submitted to the Board for approval this week, followed by $200 million in fast-disbursing support for health and education. Also read | Long lines, 60 hours wait, shelter and for some racism awaits them as they flee Ukraine for Poland The International Monetary Fund and the World Bank, who have both pledged and are now delivering further support to Ukraine, moving swiftly to implement this plan. The IMF, which has an ongoing $2.2 billion financing program with the country through June, will consider the country's latest request for emergency financing "as early as next week," the statement said. The leaders of the global crisis lenders deplored Russia's invasion of its neighbour and the damage it is causing to the economy and people. Also read | Indian hospitality at its best: Indian restaurateur turns saviour amid Ukraine crisis "We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine," they said, noting the "significant spillovers to other countries" including higher commodity prices that "risk further fueling inflation." Furthermore, the economic sanctions imposed on Russia "will also have a significant economic impact." Watch | Zelensky's message to Russia: Stop bombing cities before ceasefire talks Early Tuesday, members of the Group of Seven met with central bankers and pledged to mobilize support for Kyiv while considering additional measures to further isolate Moscow. As the fighting intensified and hundreds of thousands of people fled Ukraine, oil prices rose to over $106 a barrel on Tuesday.

World Bank prepares $3 billion emergency aid package for war-torn Ukraine

A plan to use more than $1 billion from a frozen Afghanistan trust fund to finance education, agriculture, health, and family programmes was approved by the World Bank's executive board on Tuesday, the bank announced.

By bypassing sanctioned Taliban authorities and disbursing money through UN agencies and international aid groups, the plan will provide a significant boost to efforts to ease the country's worsening humanitarian and economic crises.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-ban-afghans-from-evacuating-amid-massive-security-sweep-457508">Taliban ban Afghans from evacuating amid massive security sweep</a>

The approach "aims to support the delivery of essential basic services, protect vulnerable Afghans, help preserve human capital and key economic and social services, and reduce the need for humanitarian assistance in the future," the bank said in a statement.

Last year, when the Taliban overran Kabul as the last international troops departed after 20 years of war, the Afghanistan Reconstruction Trust Fund (ARTF) was frozen.

Also read |<a href="https://www.wionews.com/south-asia/afghanistan-pakistan-to-hold-discussion-over-durand-line-457033">&nbsp;Afghanistan, Pakistan to hold discussion over Durand line</a>

While foreign governments ended financial aid, which accounted for more than 70 per cent of Afghan government expenditures, the United States spearheaded the freezing of about $9 billion of Afghan central bank assets.

The cuts accelerated an economic collapse, leading to a cash crunch and a humanitarian crisis that the United Nations says has put more than half of Afghanistan's 39 million people at risk of starvation.

Watch: Afghanistan and now Ukraine...Is US about to lose its hegemony?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/afghanistan-and-now-ukraineis-us-about-to-lose-its-hegemony-457841/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">
In a statement, the World Bank said donors would decide, as a first step, on four projects valued at about $600 million that would address "urgent needs in education, health and agricultural sectors, as well as community livelihoods."

The statement said "strong&nbsp;focus on ensuring that girls and women participate and benefit from the support."&nbsp;

Since the Taliban took to power 20 years ago, women's rights have been eroded. They've lost&nbsp;many of the rights gained during the last two decades,&nbsp;such as the right to work and to travel without close male relatives.

Since the Taliban took over, most girls are not allowed to attend school past seventh grade. Islamist extremists claim that all girls will be allowed to return to class later this month.

(With inputs from agencies)
</div>

A plan to use more than $1 billion from a frozen Afghanistan trust fund to finance education, agriculture, health, and family programmes was approved by the World Bank's executive board on Tuesday, the bank announced.

A plan to use more than $1 billion from a frozen Afghanistan trust fund to finance education, agriculture, health, and family programmes was approved by the World Bank's executive board on Tuesday, the bank announced. By bypassing sanctioned Taliban authorities and disbursing money through UN agencies and international aid groups, the plan will provide a significant boost to efforts to ease the country's worsening humanitarian and economic crises. Also read | Taliban ban Afghans from evacuating amid massive security sweep The approach "aims to support the delivery of essential basic services, protect vulnerable Afghans, help preserve human capital and key economic and social services, and reduce the need for humanitarian assistance in the future," the bank said in a statement. Last year, when the Taliban overran Kabul as the last international troops departed after 20 years of war, the Afghanistan Reconstruction Trust Fund (ARTF) was frozen. Also read | Afghanistan, Pakistan to hold discussion over Durand line While foreign governments ended financial aid, which accounted for more than 70 per cent of Afghan government expenditures, the United States spearheaded the freezing of about $9 billion of Afghan central bank assets. The cuts accelerated an economic collapse, leading to a cash crunch and a humanitarian crisis that the United Nations says has put more than half of Afghanistan's 39 million people at risk of starvation. Watch: Afghanistan and now Ukraine...Is US about to lose its hegemony? In a statement, the World Bank said donors would decide, as a first step, on four projects valued at about $600 million that would address "urgent needs in education, health and agricultural sectors, as well as community livelihoods." The statement said "strong focus on ensuring that girls and women participate and benefit from the support." Since the Taliban took to power 20 years ago, women's rights have been eroded. They've lost many of the rights gained during the last two decades, such as the right to work and to travel without close male relatives. Since the Taliban took over, most girls are not allowed to attend school past seventh grade. Islamist extremists claim that all girls will be allowed to return to class later this month. (With inputs from agencies)

Afghanistan to receive more than $1 billion in aid from the World Bank; funds to bypass Taliban

At the beginning of the year 2022, COVID-19's third wave has hit nations including India but how has been the impact of the Omicron wave of economies worldwide and what is the outlook for global economies? Let's take a look.

An outlook at the world economy in 2022 amid COVID-19's third wave

World Bank President David Malpass criticized Microsoft's $69 billion takeover of gaming developer Activision Blizzard as a questionable allocation of capital at a time when poor countries are struggling to restructure debts and fight COVID-19 and poverty.

World Bank Prez David Malpass criticized Microsoft's $69 billion deal as poor countries struggle

The global economy is facing a dramatic downturn due to new dangers from COVID-19 variants, as well as rising inflation, debt, and income inequality, which might jeopardise the recovery in emerging and developing economies, according to the World Bank.

As pent-up demand fades, fiscal and monetary assistance is removed around the world, and supply disruptions linger, global growth is predicted to slow to 4.1 percent in 2022 and 3.2 percent in 2023, according to the Washington-based lender's Global Economic Prospects report released on Tuesday.&nbsp;

Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies. 
 
<a href="https://www.wionews.com/world/omicron-was-in-canadian-wastewater-in-november-before-it-was-found-in-south-africa-443845">Also read | Omicron was in Canadian wastewater in November before it was found in South Africa</a> 
 
The World Bank said that global growth is expected to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023 as pent-up demand dissipates and as fiscal and monetary support is unwound across the world.

The World Bank said economic growth in Europe and Central Asia will slow to 3 percent in 2022 and decline further to 2.9 percent in 2023, the World Bank said. 
 
Watch | Gravitas: Omicron ushers in another supply chain crisis

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-omicron-ushers-in-another-supply-chain-crisis-443995/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

ECA growth is expected to slow to 3% in 2022, roughly half of what it was in 2021, as tighter macroeconomic policy and recurring COVID-19 outbreaks, including from Omicron, weigh on demand.Regional growth is forecast to continue to ease in 2023, reaching 2.9 per cent, as fiscal support continues to be withdrawn, "the report said.

According to a World Bank report released in 2020, the damage caused by the COVID-19 pandemic — which triggered the worst recession since the Great Depression in the 1930s — was greater in middle-income and poor countries, reversing gains made in reducing poverty levels over the previous two decades.&nbsp; 
 
Watch | Gravitas: Wuhan Virus returns to China

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-wuhan-virus-returns-to-china-443992/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

New COVID-19 outbreaks, persistent supply chain bottlenecks, and inflationary pressures could increase the risk of a hard landing in emerging markets and developing economies, according to the lender, at a time when many governments in developing economies lack the policy space to support activity if needed.

According to the report, the downturn will correspond with a widening gap in growth rates between advanced and emerging nations.&nbsp;

India to grow at 8.3%

India, on the other hand, is a relative bright spot in the South Asian picture.

The bank's forecast for India's growth in 2021-22 remains unchanged from its June forecast.

However, the forecasts for 2022-23 and 2023-24 have been revised to 8.7% and 6.8%, respectively, "indicating higher private sector and infrastructure investment, as well as dividends from continuing reforms."

According to preliminary estimates from the country's statistics office, India's GDP will increase 9.2 percent this fiscal year, ensuring that the economy will surpass its pre-pandemic level (2019–20).

In December, most high frequency indicators were at or above pre-pandemic levels, while limits imposed by the Omicron-driven third wave of the coronavirus pandemic caused increased disruptions in January.

(With inputs from agencies)

The global economy is facing a dramatic downturn due to new dangers from COVID-19 variants, as well as rising inflation, debt, and income inequality, which might jeopardise the recovery in emerging and developing economies, according to the World Bank.

The global economy is facing a dramatic downturn due to new dangers from COVID-19 variants, as well as rising inflation, debt, and income inequality, which might jeopardise the recovery in emerging and developing economies, according to the World Bank. As pent-up demand fades, fiscal and monetary assistance is removed around the world, and supply disruptions linger, global growth is predicted to slow to 4.1 percent in 2022 and 3.2 percent in 2023, according to the Washington-based lender's Global Economic Prospects report released on Tuesday. Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies. Also read | Omicron was in Canadian wastewater in November before it was found in South Africa The World Bank said that global growth is expected to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023 as pent-up demand dissipates and as fiscal and monetary support is unwound across the world. The World Bank said economic growth in Europe and Central Asia will slow to 3 percent in 2022 and decline further to 2.9 percent in 2023, the World Bank said. Watch | Gravitas: Omicron ushers in another supply chain crisis ECA growth is expected to slow to 3% in 2022, roughly half of what it was in 2021, as tighter macroeconomic policy and recurring COVID-19 outbreaks, including from Omicron, weigh on demand.Regional growth is forecast to continue to ease in 2023, reaching 2.9 per cent, as fiscal support continues to be withdrawn, "the report said. According to a World Bank report released in 2020, the damage caused by the COVID-19 pandemic — which triggered the worst recession since the Great Depression in the 1930s — was greater in middle-income and poor countries, reversing gains made in reducing poverty levels over the previous two decades. Watch | Gravitas: Wuhan Virus returns to China New COVID-19 outbreaks, persistent supply chain bottlenecks, and inflationary pressures could increase the risk of a hard landing in emerging markets and developing economies, according to the lender, at a time when many governments in developing economies lack the policy space to support activity if needed. According to the report, the downturn will correspond with a widening gap in growth rates between advanced and emerging nations. India to grow at 8.3% India, on the other hand, is a relative bright spot in the South Asian picture. The bank's forecast for India's growth in 2021-22 remains unchanged from its June forecast. However, the forecasts for 2022-23 and 2023-24 have been revised to 8.7% and 6.8%, respectively, "indicating higher private sector and infrastructure investment, as well as dividends from continuing reforms." According to preliminary estimates from the country's statistics office, India's GDP will increase 9.2 percent this fiscal year, ensuring that the economy will surpass its pre-pandemic level (2019–20). In December, most high frequency indicators were at or above pre-pandemic levels, while limits imposed by the Omicron-driven third wave of the coronavirus pandemic caused increased disruptions in January. (With inputs from agencies)

Global GDP growth to slow through 2023 amid COVID-19, inflation: World Bank

World Bank's Economic forecast sees sharp growth slowdown as new variants of COVID-19 threatens recovery.

World Bank's Economic forecast: Sharp growth slowdown as new COVID-19 variants threatens recovery

In a compromise plan, the World Bank may divert funds intended for rebuilding efforts to humanitarian aid in Afghanistan, reports claim.

In an informal board meeting on Tuesday, the bank's management intends to discuss the proposal to re-direct funds from the Afghanistan Reconstruction Trust Fund (ARTF) to support humanitarian efforts through the UN and other humanitarian agencies with presence and logistic capabilities in Afghanistan.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-and-911-families-fight-for-billions-in-frozen-afghan-funds-432862">Taliban and 9/11 families fight for billions in frozen Afghan funds</a>

According to the United Nations, around 22 million Afghans, or more than half of the country, will experience a severe food shortage this winter as a result of drought caused by global warming and an economic crisis aggravated by the Taliban's takeover.

The financial crisis worsened when Washington froze about $10 billion of Afghanistan's reserves and further deteriorated when the World Bank and &nbsp;International Monetary Fund blocked Afghanistan's access to funding.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-demolished-ancient-buddha-statues-and-now-charge-tourists-5-to-watch-empty-holes-432664">Taliban demolished ancient Buddha statues and now charge tourists $5 to watch empty holes</a>

In a Reuters report citing people familiar with the plan, the news agency reports that the World Bank plan is part of a compromise between the United Nations and the US government. This decision could result in a $500 million transfer from the ARTF to humanitarian groups.

If the aid would be unlocked, the Taliban would be bypassed. Donors of the ARTF, however, will determine the next steps and timing of the release.

In 2002, the Afghanistan Reconstruction Trust Fund (ARTF) was established. It is a multi-donor trust fund that coordinates international aid to help millions of Afghans. World Bank manages the ARTF on behalf of 34 donors.

Watch |&nbsp;EU hold talks with Taliban in Doha, to release funds, reopen embassies

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/eu-hold-talks-with-taliban-in-doha-to-release-funds-reopen-embassies-432701/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

According to the ARTF website this fund "is the largest single source of funding for Afghanistan’s development, financing up to 30 per cent of Afghanistan’s civilian budget, and supporting core functions of the government".&nbsp;

ARTF has partnered with public programs since 2002 to reduce infant mortality and increase education enrolment.

(With inputs from agencies)

In a compromise plan, the World Bank may divert funds intended for rebuilding efforts to humanitarian aid in Afghanistan, reports claim. In an informal board meeting on Tuesday, the bank's management intends to discuss the proposal to re-direct funds from the Afghanistan Reconstruction Trust Fund (ARTF) to support humanitarian efforts through the UN and other humanitarian agencies with presence and logistic capabilities in Afghanistan.

In a compromise plan, the World Bank may divert funds intended for rebuilding efforts to humanitarian aid in Afghanistan, reports claim. In an informal board meeting on Tuesday, the bank's management intends to discuss the proposal to re-direct funds from the Afghanistan Reconstruction Trust Fund (ARTF) to support humanitarian efforts through the UN and other humanitarian agencies with presence and logistic capabilities in Afghanistan. Also read | Taliban and 9/11 families fight for billions in frozen Afghan funds According to the United Nations, around 22 million Afghans, or more than half of the country, will experience a severe food shortage this winter as a result of drought caused by global warming and an economic crisis aggravated by the Taliban's takeover. The financial crisis worsened when Washington froze about $10 billion of Afghanistan's reserves and further deteriorated when the World Bank and International Monetary Fund blocked Afghanistan's access to funding. Also read | Taliban demolished ancient Buddha statues and now charge tourists $5 to watch empty holes In a Reuters report citing people familiar with the plan, the news agency reports that the World Bank plan is part of a compromise between the United Nations and the US government. This decision could result in a $500 million transfer from the ARTF to humanitarian groups. If the aid would be unlocked, the Taliban would be bypassed. Donors of the ARTF, however, will determine the next steps and timing of the release. In 2002, the Afghanistan Reconstruction Trust Fund (ARTF) was established. It is a multi-donor trust fund that coordinates international aid to help millions of Afghans. World Bank manages the ARTF on behalf of 34 donors. Watch | EU hold talks with Taliban in Doha, to release funds, reopen embassies According to the ARTF website this fund "is the largest single source of funding for Afghanistan’s development, financing up to 30 per cent of Afghanistan’s civilian budget, and supporting core functions of the government". ARTF has partnered with public programs since 2002 to reduce infant mortality and increase education enrolment. (With inputs from agencies)

Humanitarian aid may be released to Afghanistan by the World Bank: Reports

Afghanistan's Taliban regime scrambles to get funds to revive its shrinking economy. World Bank has now decided to finalise a proposal to deliver up to 500 million dollars from a frozen Afghanistan aid fund to humanitarian agencies.

World Bank works to redirect frozen funds to Afghanistan for humanitarian aid only

A couple of days back, Pakistan Prime Minister Imran Khan said the "biggest problem" is that the government doesn't have enough money to run the country. He added that the rising foreign debts and low tax revenue had become an issue of "national security".

A couple of days back, Pakistan Prime Minister Imran Khan said the "biggest problem" is that the government doesn't have enough money to run the country. He added that the rising foreign debts and low tax revenue had become an issue of "national security". Imran Khan said, "We don't have enough money to run our country due to which we have to borrow loans." A day after Khan described the increasing debt as a "national security issue", the State Bank of Pakistan (SBP) released the debt figures till September 2021. For the first time ever, Pakistan's total debt and liabilities crossed 50.5 trillion Pakistani rupees (PKR) - approximately $283 billion. It is an addition of PKR 20.7 trillion under the current government alone, Pakistan-based newspaper Express Tribune reported citing SBP data. ALSO READ | Where Afghanistan's new Taliban leaders went to school The figures have shown that the total debt and public debt of Pakistan have deteriorated during the current Pakistan Tehreek-e-Insaf (PTI) government. As per the mentioned newspaper, in June 2018, every Pakistani owed PKR 144,000. But now, it has increased to PKR 235,000 by September 2021. The increase is an additional burden of PKR 91,000 or 63 per cent during PTI's tenure. Two days after Khan's 'don't have money' remark, the International Monetary Fund (IMF) rejected Pakistan's borrowing request as it turned down the Pak government's proposal to allow it to take loans equal to 2 per cent of the gross domestic product (GDP) in a fiscal year. In a written reply to a question, the house was informed that the exchange rate depreciation added around PKR 2.9 trillion (20 per cent of the increase) in public debt while the government paid PKR 7.5 trillion against interest servicing which is 50 per cent of the increase in the total public debt, reported The News International, which is one of the largest English language newspapers in Pakistan. Inflation in Pakistan The South Asian nation has been reeling with increased prices of food items. Inflation surged 9.2 per cent in October from the year before, according to government data. Food-price inflation is crushing commoners in Pakistan as the cost of basic food items shot up this month by 17 per cent year over year, government data show. ALSO READ | Pakistan petroleum dealers launch nationwide strike against lower profit margins According to Muzzammil Aslam, a spokesman for the finance ministry, Pakistan imports about 80 per cent of its oil and diesel and about 35 per cent of its gasoline. The cost of electricity in Pakistan is already twice as much as in some of the neighbouring countries like India, China and Bangladesh. Mismanagement of funds? When common people struggling to get basic food items, Islamabad allocated $7.85bn for defence and merely $151m for health in the budget for the financial year 2020-2021. Imran Khan recently said that due to lack of resources the government had little to spend on the welfare of the masses. He said due to failure to generate local resources, the successive governments resorted to loans. The data from the Ministry of Economic Affairs showed that the borrowing was higher by $580 million, or 18 per cent, as compared to the loans obtained in the same period last year. In a recent report, the World Bank noted that Pakistan has joined the list of top ten nations with the largest foreign debts. × The question here is - the borrowing has increased but it's not reaching the common people. Where most of the funds are going? Pakistan is caught in a vicious cycle as it needs to borrow new funds to pay the old ones. The News International reported that the Imran Khan-led regime ideally required gross external financing of $51.6 billion within a two-year period (2021-2023) in order to fulfil its needs. Pakistan's gross external financing requirement stands at $23.6 billion in 2021-22 and $28 billion in 2022-23. Amid economic crisis, what's next for the debt-ridden nation? 1 PKR = 0.00567496 USD 1 USD = 176.213 PKR

Pakistan's debt and liabilities increase; govt 'doesn't have money': What's next for the debt-ridden nation?

Climate migrants are the people who are forced to migrate because of climate change-induced-disaster. According to the world bank, 86 million Africans are at the risk of becoming climate migrants.

World Bank: 86 million Africans to become climate migrants by 2050

The World Bank's board has turned down a request by IMF Managing Director Kristalina Georgieva for a meeting to defend herself against claims that she pressured staff to alter data as the bank's CEO in 2017.

World Bank denies IMF chief's bid for meeting to defend herself

The International Monetary Fund said Friday it will decide "very soon" whether its embattled managing director Kristalina Georgieva keeps her job.

An investigation by a law firm has concluded that she manipulated data in favor of China while in a senior role at the World Bank.

The IMF Executive Board said after a meeting Friday that it has made "significant progress" in its assessment of the case but agreed "to request more clarifying details with a view to very soon concluding its consideration of the matter."

On Thursday Georgieva, 68, said she hoped for an "expeditious resolution" of the case.

The IMF Executive Board is reviewing last month's investigation by the law firm WilmerHale that found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China's benefit in the 2018 edition of its closely watched Doing Business report.

Georgieva spoke to the IMF board this week.

She has repeatedly denied the report's conclusions, and on Thursday released a letter from her attorney to the board objecting to WilmerHale's findings, as well as her 12-page testimony to the 24 board members.

The law firm found that Georgieva along with her associate Simeon Djankov, a former Bulgarian finance minister who created the report, and Jim Yong Kim, then-president of the bank, pressured staff to change the calculation of China's ranking to avoid angering Beijing.&nbsp;

The push came while bank leadership was engaged in sensitive negotiations with Beijing over increasing the bank's lending capital.

The Executive Board could meet again Saturday, a source close to the matter said on condition of anonymity.

This source added that Georgieva has won the support of France and other European countries.

The United States, a key member of the IMF, has not yet stated its position on this controversy, according to two sources with knowledge of the situation.

Time is of the essence because the IMF and the World Bank begin their fall meetings on Monday.

The International Monetary Fund said Friday it will decide "very soon" whether its embattled managing director Kristalina Georgieva keeps her job. An investigation by a law firm has concluded that she manipulated data in favor of China while in a senior role at the World Bank.

The International Monetary Fund said Friday it will decide "very soon" whether its embattled managing director Kristalina Georgieva keeps her job. An investigation by a law firm has concluded that she manipulated data in favor of China while in a senior role at the World Bank. The IMF Executive Board said after a meeting Friday that it has made "significant progress" in its assessment of the case but agreed "to request more clarifying details with a view to very soon concluding its consideration of the matter." On Thursday Georgieva, 68, said she hoped for an "expeditious resolution" of the case. The IMF Executive Board is reviewing last month's investigation by the law firm WilmerHale that found that during her time as World Bank CEO, Georgieva was among top officials who pressured staff into changing data to China's benefit in the 2018 edition of its closely watched Doing Business report. Georgieva spoke to the IMF board this week. She has repeatedly denied the report's conclusions, and on Thursday released a letter from her attorney to the board objecting to WilmerHale's findings, as well as her 12-page testimony to the 24 board members. The law firm found that Georgieva along with her associate Simeon Djankov, a former Bulgarian finance minister who created the report, and Jim Yong Kim, then-president of the bank, pressured staff to change the calculation of China's ranking to avoid angering Beijing. The push came while bank leadership was engaged in sensitive negotiations with Beijing over increasing the bank's lending capital. The Executive Board could meet again Saturday, a source close to the matter said on condition of anonymity. This source added that Georgieva has won the support of France and other European countries. The United States, a key member of the IMF, has not yet stated its position on this controversy, according to two sources with knowledge of the situation. Time is of the essence because the IMF and the World Bank begin their fall meetings on Monday.

IMF says it will decide 'very soon' on whether Georgieva keeps her job

The International Monetary Fund's executive board will interview Managing Director Kristalina Georgieva on Wednesday as it reviews claims she pressured World Bank staff to alter data to favor China in her previous role.

International Monetary Fund’s executive board to grill Georgieva on data-rigging claims

IMF chief Kristalina Georgieva criticised as "false and spurious" the findings of an independent probe into allegations that as World Bank head she pressured staff to manipulate data to make China`s business climate appear more favorable. 
 
In a statement she plans to present to the executive board of the International Monetary Fund, Georgieva also accused the office of the World Bank`s past president, Jim Kong Kim, of manipulation. 
 
She said she intervened to block a proposal from a member of Kim`s staff to include Hong Kong data in China`s ranking in the World Bank`s Doing Business 2018 report, which would have significantly improved its standing. Kim has not responded to requests for comment. 
 
The World Bank last week released a report on the investigation by law firm WilmerHale. It found that senior bank leaders including Georgieva unduly pressured staff to alter data to improve China`s ranking in the Doing Business report while the bank was seeking China`s support for a capital increase. 
 
Georgieva, then World Bank chief executive, has excoriated the probe publicly and to her staff, but she went into greater detail in the statement to the IMF`s executive board, a copy of which was seen by Reuters on Friday. 
 
She said the probe`s findings contained "the false and spurious insinuation ... that my colleagues and I at the World Bank would inflate a country’s Doing Business ranking in exchange for capital commitments." 
 
"To be clear: no such thing happened and no such thing would ever happen under my leadership," she said. 
 
Georgieva said her effort to prevent Hong Kong data from being added to China`s Doing Business ranking demonstrated her concern for preserving the integrity of World Bank data. 
 
The Bulgarian economist, the first person from a developing country to head the World Bank, has faced calls for her resignation over the matter, though former colleagues have spoken out in support of her. 
 
The IMF board met on Tuesday to hear an initial report from its ethics committee and agreed to meet again soon. 
 
The chair of the US&nbsp;House of Representatives Financial Services Committee, Maxine Waters, on Friday said the findings detailing "undue influence by China" at the World Bank and Georgieva`s role in "manipulating `Doing Business` data at the behest of the Chinese government is very troubling." 
 
"This has undermined the reputation of the World Bank, and it has also called into question the current leadership at the IMF, where the integrity of data is critical to its mission, and where undue influence by any self-interested power could put the stability of the global financial system at risk," Waters said. 
 
The World Bank`s current president, David Malpass, has said the findings of the WilmerHale investigation speak for themselves, but has not commented in greater detail. 
 
Georgieva said the WilmerHale probe wrongly inferred that she asked bank officials to manage China`s expectations about its ranking in the Doing Business report because she was worried that China could withhold support for the capital increase. 
 
Georgieva said she did regret that colleagues at the bank "did not believe that they could speak out to raise with me issues about data integrity," and was committed to fostering better communication.

IMF chief Kristalina Georgieva criticised as "false and spurious" the findings of an independent probe into allegations that as World Bank head she pressured staff to manipulate data to make China`s business climate appear more favorable.

IMF chief Kristalina Georgieva criticised as "false and spurious" the findings of an independent probe into allegations that as World Bank head she pressured staff to manipulate data to make China`s business climate appear more favorable. In a statement she plans to present to the executive board of the International Monetary Fund, Georgieva also accused the office of the World Bank`s past president, Jim Kong Kim, of manipulation. She said she intervened to block a proposal from a member of Kim`s staff to include Hong Kong data in China`s ranking in the World Bank`s Doing Business 2018 report, which would have significantly improved its standing. Kim has not responded to requests for comment. The World Bank last week released a report on the investigation by law firm WilmerHale. It found that senior bank leaders including Georgieva unduly pressured staff to alter data to improve China`s ranking in the Doing Business report while the bank was seeking China`s support for a capital increase. Georgieva, then World Bank chief executive, has excoriated the probe publicly and to her staff, but she went into greater detail in the statement to the IMF`s executive board, a copy of which was seen by Reuters on Friday. She said the probe`s findings contained "the false and spurious insinuation ... that my colleagues and I at the World Bank would inflate a country’s Doing Business ranking in exchange for capital commitments." "To be clear: no such thing happened and no such thing would ever happen under my leadership," she said. Georgieva said her effort to prevent Hong Kong data from being added to China`s Doing Business ranking demonstrated her concern for preserving the integrity of World Bank data. The Bulgarian economist, the first person from a developing country to head the World Bank, has faced calls for her resignation over the matter, though former colleagues have spoken out in support of her. The IMF board met on Tuesday to hear an initial report from its ethics committee and agreed to meet again soon. The chair of the US House of Representatives Financial Services Committee, Maxine Waters, on Friday said the findings detailing "undue influence by China" at the World Bank and Georgieva`s role in "manipulating `Doing Business` data at the behest of the Chinese government is very troubling." "This has undermined the reputation of the World Bank, and it has also called into question the current leadership at the IMF, where the integrity of data is critical to its mission, and where undue influence by any self-interested power could put the stability of the global financial system at risk," Waters said. The World Bank`s current president, David Malpass, has said the findings of the WilmerHale investigation speak for themselves, but has not commented in greater detail. Georgieva said the WilmerHale probe wrongly inferred that she asked bank officials to manage China`s expectations about its ranking in the Doing Business report because she was worried that China could withhold support for the capital increase. Georgieva said she did regret that colleagues at the bank "did not believe that they could speak out to raise with me issues about data integrity," and was committed to fostering better communication.

IMF chief Kristalina Georgieva accuses former World Bank president Kim's office of manipulation

Weeks before World Bank scrapped its flagship doing business ranking following a damning independent investigation, a group of external advisors have recommended an overhaul of ranking to limit countries efforts to manipulate their scores.

External review finds deeper rot in World Bank 'Doing Business' rankings

world-bank

World Bank, News on World Bank, stories on World Bank, articles on World Bank, World Bank stories at Wion, World Bank news, World Bank latest news